Newsletter for industry leaders

In May 2026, the SEC proposed Registered Offering Reform (Release No. 33-11418), which would eliminate Form S-3's One-Year Seasoning and $75 million public float requirements, extend Enhanced Registration and Communication Benefits currently reserved for well-known seasoned issuers to a much broader set of companies, and expand Form S-1's incorporation-by-reference rules. The SEC estimates this could increase Form S-3-eligible issuers by over 60% and issuers eligible for Enhanced Registration and Communication Benefits by over 200%. For smaller and newly public companies, this means significantly faster, more flexible access to shelf offerings — without any reduction in ongoing Exchange Act reporting or disclosure obligations.

SEC data shows a strong start to 2026 for U.S. capital markets: 99 IPOs raised over $22 billion in Q1, an 86% jump in proceeds from the same period last year, alongside steady growth in follow-on offerings. At the same time, JPMorgan is building a dedicated team to advise companies valued between $100 million and $500 million — a signal that major banks see real opportunity below the large-cap tier. For smaller issuers, this points to genuinely broader access to capital and advisory support, but it doesn't lower the bar on governance, disclosure, and compliance expectations that come with public market activity.

Chief Executive John Lee used the SCMP China Conference 2026 to reaffirm Hong Kong's ambition to become the connecting point for global AI capital, talent, and business — linking international investors with opportunities across the Greater Bay Area and Mainland China. For issuers, this signals growing fundraising and listing opportunities in AI-related sectors, but also rising regulatory expectations: as AI businesses become more prominent in Hong Kong's capital markets, disclosure, governance, and compliance frameworks will need to keep pace with the technology itself.

HKEX's board lot reform standardizes trading units into eight options and lowers the recommended minimum board lot value from HK$2,000 to HK$1,000. More than a technical adjustment, it signals the Exchange's broader push to improve liquidity, accessibility, and competitiveness — with compliance implications for issuers through the transition.

IPO disclosure reform, ESG rollbacks, semiannual reporting, settlement restrictions — the SEC's deregulatory proposals point in one clear direction: less mandatory burden, more flexibility. We step back to look at the agenda as a whole, the sharp divide it has opened between issuers and investors, and why fewer reporting requirements don't equate to lower compliance standards.

The SEC's proposal to permit semiannual instead of quarterly reporting has drawn support from major issuers — and unusually broad opposition from retail investors, accounting standard setters, and pension fund managers. We look at what the comment file reveals about both sides, and why fewer filing deadlines may actually raise the compliance stakes for each disclosure.